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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Krispy Kreme Doughnuts has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Krispy Kreme Doughnuts's Piotroski F-Score or its related term are showing as below:
The historical data trend for Krispy Kreme Doughnuts's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Krispy Kreme Doughnuts Annual Data | |||||||||||||||||||||
Trend | Jan07 | Jan08 | Jan09 | Jan10 | Jan11 | Jan12 | Jan13 | Jan14 | Jan15 | Jan16 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 7.00 | 7.00 | 6.00 | 7.00 |
Krispy Kreme Doughnuts Quarterly Data | ||||||||||||||||||||
Jul11 | Oct11 | Jan12 | Apr12 | Jul12 | Oct12 | Jan13 | Apr13 | Jul13 | Oct13 | Jan14 | Apr14 | Jul14 | Oct14 | Jan15 | Apr15 | Jul15 | Oct15 | Jan16 | Apr16 | |
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 6.00 | 6.00 | 7.00 | 5.00 |
How is the Piotroski F-Score calculated?
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Apr16) TTM: | Last Year (Apr15) TTM: |
Net Income was 5.918 + 7.568 + 8.246 + 9.416 = $31.1 Mil. Cash Flow from Operations was 18.293 + 19.968 + 23.532 + 19.495 = $81.3 Mil. Revenue was 127.336 + 128.544 + 130.36 + 136.484 = $522.7 Mil. Gross Profit was 23.191 + 25.62 + 26.72 + 28.493 = $104.0 Mil. Average Total Assets from the begining of this year (Apr15) to the end of this year (Apr16) was (357.228 + 342.049 + 337.493 + 342.875 + 319.014) / 5 = $339.7318 Mil. Total Assets at the begining of this year (Apr15) was $357.2 Mil. Long-Term Debt & Capital Lease Obligation was $11.3 Mil. Total Current Assets was $82.0 Mil. Total Current Liabilities was $52.4 Mil. |
Net Income was 5.752 + 8.106 + 6.546 + 10.666 = $31.1 Mil. Revenue was 120.516 + 122.871 + 125.367 + 132.474 = $501.2 Mil. Gross Profit was 19.432 + 21.706 + 23.044 + 28.702 = $92.9 Mil. Average Total Assets from the begining of last year (Apr14) to the end of last year (Apr15) was (328.642 + 332.824 + 341.478 + 352.713 + 357.228) / 5 = $342.577 Mil. Total Assets at the begining of last year (Apr14) was $328.6 Mil. Long-Term Debt & Capital Lease Obligation was $10.2 Mil. Total Current Assets was $137.8 Mil. Total Current Liabilities was $47.6 Mil. |
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Krispy Kreme Doughnuts's current Net Income (TTM) was 31.1.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Krispy Kreme Doughnuts's current Cash Flow from Operations (TTM) was 81.3.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Score 1 if it's higher, 0 if it's lower.
ROA (This Year) | = | Net Income | / | Total Assets (Apr15) |
= | 31.148 | / | 357.228 | |
= | 0.08719361 |
ROA (Last Year) | = | Net Income | / | Total Assets (Apr14) |
= | 31.07 | / | 328.642 | |
= | 0.09454056 |
Krispy Kreme Doughnuts's return on assets of this year was 0.08719361. Krispy Kreme Doughnuts's return on assets of last year was 0.09454056.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Score 1 if CFROA > ROA, 0 if CFROA <= ROA.
Krispy Kreme Doughnuts's current Net Income (TTM) was 31.1. Krispy Kreme Doughnuts's current Cash Flow from Operations (TTM) was 81.3.
==> 81.3 > 31.1 ==> CFROA > ROA ==> Score 1.
Funding
Question 5. Change in Gearing or Leverage
Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.
Score 0 if this year's gearing is higher, 1 otherwise.
Gearing (This Year: Apr16) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Apr15 to Apr16 |
= | 11.266 | / | 339.7318 | |
= | 0.03316145 |
Gearing (Last Year: Apr15) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Apr14 to Apr15 |
= | 10.231 | / | 342.577 | |
= | 0.02986482 |
Krispy Kreme Doughnuts's gearing of this year was 0.03316145. Krispy Kreme Doughnuts's gearing of last year was 0.02986482.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Current Ratio (This Year: Apr16) | = | Total Current Assets | / | Total Current Liabilities |
= | 81.993 | / | 52.36 | |
= | 1.56594729 |
Current Ratio (Last Year: Apr15) | = | Total Current Assets | / | Total Current Liabilities |
= | 137.757 | / | 47.583 | |
= | 2.89508858 |
Krispy Kreme Doughnuts's current ratio of this year was 1.56594729. Krispy Kreme Doughnuts's current ratio of last year was 2.89508858.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Krispy Kreme Doughnuts's number of shares in issue this year was 65.407. Krispy Kreme Doughnuts's number of shares in issue last year was 68.573.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Gross Margin (This Year: TTM) | = | Gross Profit | / | Revenue |
= | 104.024 | / | 522.724 | |
= | 0.19900368 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 92.884 | / | 501.228 | |
= | 0.18531287 |
Krispy Kreme Doughnuts's gross margin of this year was 0.19900368. Krispy Kreme Doughnuts's gross margin of last year was 0.18531287.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Apr15) |
= | 522.724 | / | 357.228 | |
= | 1.46327835 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Apr14) |
= | 501.228 | / | 328.642 | |
= | 1.52514895 |
Krispy Kreme Doughnuts's asset turnover of this year was 1.46327835. Krispy Kreme Doughnuts's asset turnover of last year was 1.52514895.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 1 | + | 1 | + | 0 | + | 1 | + | 0 | + | 0 | + | 1 | + | 1 | + | 0 | |
= | 5 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Krispy Kreme Doughnuts has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Krispy Kreme Doughnuts (NYSE:KKD) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Thank you for viewing the detailed overview of Krispy Kreme Doughnuts's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Tim E Bentsen | director | 5 CONCOURSE PARKWAY, SUITE 2650, ATLANTA GA 30328 |
Andrew J Schindler | director | 1301 AVENUE OF THE AMERICAS, NEW YORK NY 10019 |
Charles A Blixt | director | 1301 AVENUE OF THE AMERICAS, NEW YORK NY 10019 |
Lynn Crump Caine | director | 370 KNOLLWOOD STREET, SUITE 500, WINSTON-SALEM NC 27103 |
Lizanne Thomas | director | 1420 PEACHTREE STREET NE, SUITE 800, ATLANTA GA 30309 |
Anthony N Thompson | director, officer: President and CEO | P.O. BOX 99900, LOUISVILLE KY 40269 |
Cooper George Price Iv | officer: EVP & CFO | 6040 DUTCHMANS LANE, LOUISVILLE KY 40205 |
James H Morgan | director | PO BOX 1012 121 W TRADE STREET, STE 1500, CHARLOTTE NC 28201 |
Darryl R. Marsch | officer: SVP & General Counsel | 370 KNOLLWOOD STREET, SUITE 500, WINSTON-SALEM NC 27103 |
Michael H Sutton | director | C/O ALLEGHENY ENERGY, INC., 800 CABIN HILL DRIVE, GREENSBURG PA 15601 |
West Togo D Jr | director | 370 KNOLLWOOD ST, STE 500, WINSTON-SALEM NC 27103 |
Jeffrey B Welch | officer: Senior Vice President | 111 N. CANAL, SUITE 850, CHICAGO IL 60606 |
Robert P Stiller | 10 percent owner | 515 N. FLAGLER DR., SUITE 1702, WEST PALM BEACH FL 33401 |
Kenneth A May | officer: President and COO | 13155 NOEL ROAD, SUITE 1600, THREE GALLERIA TOWER, DALLAS TX 75240 |
Daryl G Brewster | director, officer: President & CEO | KRISPY KREME DOUGHNUTS, INC., 370 KNOLLWOOD STREET, SUITE 500, WINSTON-SALEM NC 27103 |
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